If the tenants are children, they'd have to be added to the lease for a rent increase of $X per tenant.The fee for additional tenants would be totally up to you and should be a significant amount as it would set a precedent for the other 5 tenants to potentially move someone in (i.e. their children, spouses, siblings, etc.).In Brandon Turner's book on managing rental properties, he shares a 'Rules and Regulations' form that can be used for your situation which outlines the rules on Occupancy.

Here's the scenario: I and three siblings have inherited 10 rental properties plus some cash.

It’s just here as an example of what is possible in a relatively short time.TLDR; My progression from $50k in debt to $1M+ net worth in 3 yearsBackground:I was born in the Philippines, moved to New Zealand with my parents and siblings in high school, then moved to the US when I married @Chris LemireChris and I started our newlywed life and working career with about 50k of my student loan debt in 2014.

Put a clause in contract that if for any reason he does not have the right to sell the property, he agrees to transfer his INTEREST in the property (say it turns out he only owns 1/3 with two other siblings) for the pro-rata share of the agreed price.Basically, if it is important, talk to a lawyer so that your contract actually works, no matter what comes.

Well I am near a university, and from my experience, there is almost always a way to get people to rent out your home. at least for me i have a sibling who goes to college near by and will be renting it out for the next 4 years.

He is going to discuss it with the other siblings (5) and will get back to me.

That still doesn't change the fact that with 7 siblings it can be real tough especially when they find out money is involved.

We haven't done a deal since because he is opening a business.I have 40k in savings, only debt is car payment of 365, no rent/mortgage living with sibling, not married no kids.

Just out of curiosity, is the sibling now the legal the owner of record?

Should I get the loan approval letter in NY or when I visit my siblings for the whole Thanksgiving week, at a local mortgage lender near them?